NICE Anticipates CFPB with New Ops Compliance
The focus for the new solution is around financial firms' contact center and client-facing back-office activities, and it will deploy established NICE analytics to normalize compliance, monitor for breaches on an enterprise level, and create an audit trail of interactions.
The new solution is being introduced after the CFPB levied a number of high-profile fines against financial firms in 2012, including one for $210 million. While many of those focused on consumer banking and credit card providers, the extent of the new regulator's ambit is yet to be fully settled, and could spill over to certain capital markets sales functions.
"Sweeping regulations, together with growth in the amount and complexity of transactions, have posed a major challenge for financial institutions. With the burden of proof now on the institutions, they must realign their entire operations, approach, and infrastructure. Our solutions help strengthen customer loyalty at these institutions as consumers' perception of compliance leads to greater satisfaction and trust," says Yochai Rozenblat, president of NICE Enterprise Group.
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